The Woolworths Group Ltd (ASX: WOW) share price is edging higher today despite a recent sell-down by the company's CEO.
At market close on Monday, the Woolies share price finished up 0.2% at $34.67.
In contrast, the S&P/ASX 200 Index (ASX: XJO) backtracked to 6,719.9 points, down 0.29%.
Image source: Getty Images
CEO offloads Woolworths shares
Investors appear unfazed by the company's latest announcement, sending the Woolworths share price into positive territory.
According to the release, Woolworths CEO Brad Banducci sold a portion of his shares between 30 August and 1 September.
In total, 230,000 Woolworths shares were offloaded in an on-market trade for an average price of $36.36 per share. The transaction equates to the value of $8.36 million.
While this isn't uncommon, as CEOs sell for various reasons, the company noted the sale was due to fund taxation obligations.
However, this was after Banducci received 111,849 shares as part of his remuneration, following the vesting of performance share rights on 26 August. The value of this is around $4.11 million (at $36.76 apiece).
Following the sale, Banducci now has a shareholding of 247,578 Woolworths shares, which are held in a family trust.
The last time Banducci offloaded his Woolworths shares was in August 2021, when he sold 140,000 shares at $41.45 each.
Woolworths share price snapshot
Despite edging higher today, the Woolworths share price is down 12% over the last 12 months.
Based on today's price, Woolworths commands a market capitalisation of approximately $42 billion, with about 1.21 billion shares on hand.
